7 Ways You Can Afford to Go Back to School – Liberty Savings Federal Credit Union (2024)

It’s back to school time again! For many that means kids off on busses and to carpools, but for others that means tuition stress, or possibly holding off further education until they feel they can afford it. The good news is, you don’t have to pay an arm and a leg to go back to school. If you know where to look, financial assistance is available for any level of involvement, whether it’s online or in the classroom, for credit or just for the enjoyment.

Here’s how you can afford it.

1. Fill out the Free Application for Federal Financial Aid (FAFSA).

To find out about grants, federal student loans, and work-study jobs. Visit fafsa.gov or call 800-433-3243 to request a paper FAFSA;

2. Take advantage of tax breaks.

Investigate the annual $2,500 American Opportunity Tax Credit or the $2,000 Lifetime Learning Tax Credit. If you’re not eligible for a tax credit, check out government tuition and fees deductions for up to $4,000 in student expenses. Visit the IRS Tax Benefits for Education Information Center or call 800-829-3676 and request a copy of IRS Publication 970: Tax Benefits for Education;

3. Open a 529 college-savings plan.

College savings plans allow you to save for college tax free, and are available in every state. Learn more at savingforcollege.com. In many states you can even deduct part or all of your contribution on your state tax return;

4. Look for nontraditional scholarships.

A number of national and local scholarships are specific to nontraditional students. Try fastweb.com and scholarships.com;

5. Call your financial aid office.

The college or university that you plan to attend might offer financial aid options, tuition waivers, or discounts for students 50 and older. If you aren’t concerned with getting a degree, try a community college or a local four-year college. Many allow older students to audit courses for free;

6. Take a free or low-cost course online.

Massively Open Online Courses offer thousands of certificate and no-certificate courses by the best universities around the world. They are a free or cheap way to learn from their instructors anytime, anywhere. To learn more, visit mooc-list.com; and

7. Take an in-person college course.

Lifelong Learning Institutes (LLIs) are usually affiliated with colleges and universities and offer more than 500 noncredit educational programs nationwide. These programs are designed for retirees–no tests, no grades. Call your closest college or search Osher and Road Scholar, the two organizations that support and facilitate LLI programs.

If more tuition help is what you need, Liberty Savings also offerslow-interest loans to help pay for theschooling you’re interested in. Visit us today to learn more!

7 Ways You Can Afford to Go Back to School – Liberty Savings Federal Credit Union (2024)

FAQs

7 Ways You Can Afford to Go Back to School – Liberty Savings Federal Credit Union? ›

Your first step should be to look into financial aid. Financial aid is money set aside by the federal government, state government, and institutions to help people pay for a college education. It is a loan that any student of any age can qualify for, and the application process is completely free.

How do people afford going back to school? ›

Your first step should be to look into financial aid. Financial aid is money set aside by the federal government, state government, and institutions to help people pay for a college education. It is a loan that any student of any age can qualify for, and the application process is completely free.

How can I afford to go to school and not work? ›

How can I pay for college without working? Scholarships and grants are two ways that you can pay for college without working. Both options give you money for college that you don't have to pay back.

How to go to school when broke? ›

You can apply for grants and scholarships at the federal and school level by completing the Free Application for Federal Student Aid (FAFSA). Ask your high school guidance counselor or college financial aid office if you're eligible for any local programs or institution-specific scholarships.

Why is back to school so expensive? ›

Higher prices, due, in part, to inflation, and longer shopping lists have many parents choosier about what they buy, how much they spend and where they shop, experts say.

Is going back to school worth the debt? ›

Review the research indicating that going to college generally pays off in the long term. Point out that pay and career success often depends on the field one chooses to get a degree in. Note that the student debt incurred for a graduate degree should be considered very carefully.

Can you make a living without school? ›

You will also discover that some of the best high-paying jobs on the list don't require any formal education credential. The highest-paying job with the least amount of schooling was found to be farm labor contractors, who earn a median wage of $61,910 and require no formal education at all.

How to afford school full time? ›

Grants, work-study funds, loans, and scholarships help make college or career school affordable. Financial aid can come from federal, state, school, and private sources to help you pay for college or career school. Learn more about the different types of financial aid.

What country pays you to go to school? ›

Denmark pays its students $1,000 a month to go to university and charge no tuition fees.

How do I stop getting broke? ›

Use the 50/30/20 Rule: Allocate 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment. Adjusting these percentages to fit your goals can help accelerate your savings. Save Your Raises and Bonuses: Resist the temptation to increase your spending with every raise or bonus.

How to afford living while going to school? ›

Similar to federal student loans, private student loans can also help cover expenses beyond tuition, including housing costs. Keep in mind that unlike grants and scholarships, you'll eventually have to pay back your loans—with interest—so be judicious about how much you borrow.

What is the average budget for back to school? ›

The National Retail Federation estimates families with children in elementary through high school plan to spend, on average, $890 per household. Which is up $25 compared to last year. For families with college students, they predict you'll spend $1,367 this year, which is up $168.

How much to save before going back to school? ›

“When considering whether you're going to go back to school, it's important to make sure you have at least six months of living expenses saved,” Joseph says.

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